Superannuation legislation sets out strict obligations that must be met in carrying out the role of trustee. Trustees are required to meet the following standards:
Honest and Responsible Conduct
All matters relating to the fund must be managed honestly and with integrity.
Care, Skill and Diligence
A high standard of care, skill, and diligence must be exercised when making decisions and managing fund affairs.
Best Interests of Beneficiaries
All actions and decisions must be made in the best interests of the fund’s beneficiaries at all times.
Separation of Assets
The fund’s money and assets must be kept separate from personal or other assets and must not be intermingled.
Control and Governance
Effective control over the fund must be maintained, including the development, implementation, and ongoing review of an appropriate investment strategy.
Member Information Access
Members must be given access to relevant information required to understand the fund’s operations and their entitlements.
Appropriate Behaviour
Trustees must act appropriately and in a manner that does not hinder the proper performance or exercise of trustee functions or powers.